ICICI Bank launches India’s first comprehensive digital ecosystem for MSMEs

ICICI Bank launches India's first digital ecosystem for MSMEs

ICICI Bank has launched India’s first comprehensive digital ecosystem for all Micro, Small, and Medium Enterprises (MSMEs), including customers of other banks. The ecosystem has three pillars:

  • Enhanced banking services for existing customers.
  • A bouquet of banking services to MSMEs, including customers of other banks.
  • A whole range of value-added services for all.

ICICI Bank’s digital ecosystem brings forth a significant shift from the existing industry practice where banks offer services only to their customers. With ICICI Bank’s digital solutions, anyone can avail of the benefits by simply downloading the new version of the InstaBIZ app, a nifty app for businesses, from the Google Play Store or Apple App Store or at the Bank’s Corporate Internet Banking (CIB) platform.

“We at ICICI Bank always believe that the MSME segment forms the backbone of the Indian economy. Our philosophy has been to enhance ‘ease of doing business for MSMEs and become partners in their growth,” Anup Bagchi, Executive Director of ICICI Bank, said during the launch event in Mumbai.

“We have found out from our research that MSMEs understand the benefits of technology. They are keen to adopt digital solutions to simplify their way of doing business to focus more on growth. MSMEs also need a holistic platform that meets all their requirements. Further, we believe that the benefits of our products and services should not be restricted only to our customers; those who bank with others should also have the choice to experience them. We have launched a comprehensive digital ecosystem with open architecture based on these insights by bundling banking services with value-added offerings to empower MSMEs, estimated to be around six crore. We believe that these solutions for MSMEs will improve efficiency and boost their business,” he added.


“MSMEs, who are customers of other banks, can avail of a host of services from the Bank’s digital ecosystem by logging in as a ‘Guest’ in the new version of InstaBIZ. The most important in the list of these services is the sanction of instant and paperless overdraft facilities up to Rs. 25 lakh. Named ‘InstaOD Plus,’ the industry-first proposition enables customers of any bank to instantly avail of an overdraft through a few clicks on the new version of InstaBIZ or CIB. Customers of ICICI Bank can activate the OD into their current account instantly. In contrast, customers of other banks can do so after opening a current account with the Bank digitally through Video KYC,” ICICI stated in a release.

Another essential facility offered is the instant opening of a current account digitally. The end-to-end paperless process leverages the Bank’s advanced APIs that auto-fill the account opening form, validate PAN/Aadhaar numbers instantly, and allow an account opening through Video KYC.

“Additionally, InstaBIZ offers a range of value-added services to MSMEs. ICICI Bank has tied up with various partners to eliminate the need for MSMEs to coordinate with multiple experts to fulfill their varied requirements. These partners include India Filings (for business compliances and registrations), IndiaMART (listing of business), Airtel (connectivity and business communications), ClearTax (tax filing and advisory), Zoho Books (accounting solutions), Global Linker (business networking and digital store management), Sherlock.ai (digital marketing and data analytics). MSMEs can get exclusive services of these experts with instant onboarding on their platforms,” the release added.

The digital ecosystem also allows MSMEs to access the Bank’s digital platform, Trade Emerge, for comprehensive trade services like a letter of credit, bank guarantee, trade credit, trade transactions, etc.

Additionally, through InstaBIZ, merchants, retailers, and professionals like doctors and lawyers, etc. can instantly accept payments through UPI and cards. They can generate QR codes and even digitally apply for Point of Sale (POS) devices. They can also avail of value-added services like instant settlement of payments, transform their shops into an online store in just 30 minutes, and apply for a voice-messaging device that confirms the receipt of the payments.

The digital ecosystem offers enhanced services to the existing customers of the Bank. They can now experience seamless onboarding on the Bank’s Trade Online platform for their requirement related to trade and foreign exchange transactions. They can also pay GST quickly and digitally and apply for POS devices. Armed with robust technology and embedded analytics, the new version of the InstaBIZ app gives a variety of reminders based on the customer’s profile. For instance, a customer with a propensity to pay GST will get intuitive nudges for GST payments before the last payment date; an exporter/importer will get a nudge requesting activation of Trade Online, and a merchant will get a pop-up for applying POS device digitally.


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